Richmond, B.C. - MacDonald, Dettwiler and Associates Ltd. (TSX: MDA), a provider of essential information solutions, announced today that its partnership with Movewithus in the United Kingdom is the first to offer an electronic precursor Home Information Pack (HIP), demonstrating that the company is ready to provide HIPs well ahead of their compulsory use in 2007.
MDA has been working with real estate services company Movewithus to deliver precursor packs for Movewithus' property developer clients, and in September the packs went into production. These packs support Movewithus in selling trade-in properties accepted by a developer when selling new construction.
MDA Managing Director, Martin Willard, said: "working closely with Movewithus has allowed us early entry into this rapid turnaround market segment where the application of HIP can shorten the sales cycle".
Movewithus Director, Sean King, spoke about the importance of this product launch: "our developers demand innovation to reduce the timescales involved when they resell a trade-in and this pack does exactly that. It moves us even further ahead in a market where we are already leaders".
The precursor HIP contains the elements expected to make up the formal HIP once the final details are published later this year. It includes plans, searches and surveys which are ordered and packaged automatically and then made available for access by the estate agent, homebuyer and solicitor. To view a sample, click here: HIPs sample.
Legislation to introduce Home Information Packs (HIPs) was part of the Housing Bill which became an Act in the United Kingdom in November 2004. Under the housing act, from 2007 onward homeowners and their selling agents will be required to obtain a regulated HIP when listing homes for sale, and to make a copy of the pack available to prospective buyers.
About MacDonald, Dettwiler and Associates Ltd. (MDA)
MDA provides advanced information solutions that capture and process vast amounts of data, produce essential information, and improve the decision making and operational performance of business and government organizations worldwide.
Focused on markets and customers with strong repeat business potential, MDA delivers a broad spectrum of earth and space based information solutions, ranging from complex operational systems, to tailored information services, to electronic information products.
MDA employs more than 2,500 people in locations across the United States, Europe, and Canada. The Company's common shares trade on the Toronto Stock Exchange under the symbol TSX:MDA.
Movewithus is an independent and privately owned property services group, formed in 1997 as partners in property (solution) plc. Based in St. Ives, Cambridgeshire, Movewithus are leaders in managed part-exchange services for new home builders, panel managed conveyancing and managing estate agency networks. When a developer builds a new house, in order to sell it, he offers to buy the prospective buyers house in exchange. If the deal is accepted, he then hands this property to Movewithus to sell on his behalf. When a buyer (or seller) goes to the estate agent and decides to buy (or sell) a house through them, the estate agent will say "do you have a solicitor"? If the answer is no, then they will arrange one through Movewithus who is fairly local.